The Indigo Platinum Mastercard is a no-frills bank card targeted towards individuals with under perfect credit. While this card has the niche of its in the industry, there are some other cards that you may probably prefer to check.
For a fast guide, the following are five items you have to know about this card, issued by Celtic Bank (Serviced by Genesis FS Card Services).
1. It’s a fairly easy Application Process
The Indigo Platinum Mastercard offers a pre qualification tool to let you learn quickly if an approval is apt. Sometimes those with bankruptcies may be approved because of this card. Pre-qualifying also will come with no ding to your credit score.
If you would like to progress, a full credit application will have to be finished coupled with an entire credit check. If approved, the credit limit is set at $300, but fortunately does not need a security deposit. For rebuilding or developing credit, this might not be a big deal but could make big-ticket purchases challenging.
2. It Could help Build Credit
As a card that reports to the 3 major credit bureaus (TransUnion, Experian and Equifax), this card is able to lead to an enhancement, or perhaps establishment, of credit. By making on-time and regular payments, this card serves as a springboard for building credit and demonstrating perfect financial responsibility. It would also be important to preserve a reduced balance as credit utilization is actually a factor in your credit score.
3. It has High Fees
This card includes a slew of costs, based on the offer of yours. For some new cardholders, the first annual fee could be pretty much as seventy five dolars, increasing to ninety nine dolars in the years following. Combine this with an initial credit limit of $300, and you might get the card with only seventy five % of your credit limit available to begin. Together with all of this, it carries a higher APR, which can be high priced if carrying a balance month to month.
Your best option is to pay the balance of yours off in total utilizing the site, pay by telephone or even mailing your check payment early in case of slow processing times. There are a small number of other fees, including late penalty fees, overlimit fees & returned payment charges to be aware of, but those can be avoided so long as you pay your bill on time and keep to the terms of the charge card of yours.
4. There is No Rewards Program
Many cardholders seek some form of pleasant proposal or incentives program with the credit cards of theirs. Regrettably, this card comes with neither. For a similarly structured card with some sort of reward benefit, check out the Credit One Bank Platinum Visa Card. This card provides 1 % back on all purchases but does charge an annual price of zero dolars to $99, based on creditworthiness. If you are going to pay an annual fee, you might as well try and extract as much advantage as possible.
5. You’ll Have Access to Mastercard Benefits
While the Indigo Platinum Mastercard is definitely a vanilla charge card, it does provide some Mastercard advantages. Mastercard ID Theft Protection provides identity monitoring, covering the social security number of yours, bank accounts, credit cards, debit cards, email address , email addresses and other things. Additionally, rest assured that you’re protected by Mastercard’s zero liability policy for unauthorized or fraudulent charges. You also have the capability to sign up free of charge credit monitoring with TransUnion while being a cardholder.
Regardless of whether it’s establishing or even repairing credit, the Indigo Platinum Mastercard leaves very much to be desired when viewing different cards to do this targeted audience. Though it does come with reporting to the 3 major credit bureaus, which happens to be a plus, it comes at a price in the kind of a high APR along with yearly rate structure. The minimal credit limit could also make it difficult to maintain a low credit utilization, a vital component in your credit score.
We suggest that you pay the statement balance in full and early in case processing times are actually slow. Without pleasant bonus or opportunities to have supplemental credit extended, this card is only the best option as a starter credit card. You should be prepared to close the account after you have established good credit history and move on to a card with better benefits.